Income Tax Credit
American Opportunity Tax Credit is available only to students in their first four years of post-secondary education who are enrolled at least half-time in an eligible program.
The Life Learning Tax Credit is available to students at all educational and enrollment levels who are enrolled at an eligible educational institution.
Tax credits are based on the amount of qualified tuition and fees, less grants and other tax-free educational assistance and the taxpayer's adjusted gross income.
Visit these web sites for more information:
- IRS web site: http://www.irs.ustreas.gov/
- Tax benefits for Higher Education Publication
- IRS Form W-9S
- IRS Interactive Tax Assistant
- American Opportunity and Lifetime forms
If you have not done so already, please provide your Social Security Number by completing and submitting IRS form W-9S to One Stop Enrollment and Financial Services or by following the instructions at to SSN and Names Changes by November 1, 2014 to ensure your information has updated prior to the issuance of the 1098-T.
If you refuse to provide your SSN or ITIN, or you provide an incorrect number, the I.R.S. is empowered to impose penalties. Note: Institutions are not required to report the demographic and financial data for students with nonresident alien status during a reporting year unless the student requests a 1098-T form. To receive a 1098-T, students with nonresident alien status must specifically request a 1098-T from the Office of Student Accounts in writing and provide social security number (SSN) or individual taxpayer number (ITIN) to the university each year by March 1st.
Reported Amounts on IRS 1098-T Form
Amounts reported on the 1098-T are based on the date that the transactions were posted. To view your tuition charges, financial aid disbursements and/or payments for the tax year January 1, 2014 through December 31, 2014, please log on to USFconnect. Click on the "Student" tab, then the "Student Self Service" link, then Account Summary (under Student Records) for each term. 1098-T forms for tax year 2014 will be available by January 31, 2015.
For the Tax Year 2014, amounts have been reported in Box 2 and Box 5. Box 2 represents the Total Tuition charged for the calendar year 2014. Box 5 includes Total Scholarships, Grants, and/or third-party payers for the 2014 year. This amount does not include loans since loans are considered payments.
Please note: USF employees are not professional tax advisors and cannot give tax advice. For tax advice assistance, contact a personal tax advisor.